Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Asustek Guides for 20%+ YoY PC Revenue Growth in 4Q24E;  Lenovo Delivers 17% YoY PC Revenue Growth in CY3Q24</li>
<li>AI PCs: A Multi-Year Upgrade Cycle with Rising Average Selling Prices; AI PCs 80% of the PC Market by 2027E</li>
<li>Maintain Structural Long View for AI PC Up-Cycle; Asustek, Acer, &amp; Lenovo Well-Positioned Through 2025E</li>
</ul>


Asustek Guides for 20%+ YoY PC Revenue Growth in 4Q24E;  Lenovo Delivers 17% YoY PC Revenue Growth in CY3Q24
AI PCs: A Multi-Year Upgrade Cycle with Rising Average Selling Prices; AI PCs 80% of the PC Market by 2027E
Maintain Structural Long View for AI PC Up-Cycle; Asustek, Acer, &amp; Lenovo Well-Positioned Through 2025E


PC Monitor: Asustek & Lenovo Signal Strong PC Growth, AI PC Expansion in Process

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Smart mobility is driving up demand for parking spaces, raising concerns about the availability and sustainability of parking infrastructure in urban areas.</li><li>Silverstone's high-tech innovations are extending beyond the racing industry, impacting various sectors with its advancements and technological breakthroughs.</li><li>Challenges faced by generative AI, including limited data, resource constraints, and material shortages like copper, are causing bottlenecks in the development and adoption of this technology.</li></ul>

Smart mobility is driving up demand for parking spaces, raising concerns about the availability and sustainability of parking infrastructure in urban areas.Silverstone's high-tech innovations are extending beyond the racing industry, impacting various sectors with its advancements and technological breakthroughs.Challenges faced by generative AI, including limited data, resource constraints, and material shortages like copper, are causing bottlenecks in the development and adoption of this technology.

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

<ul>
<li>Microsoft today announced a major Copilot update, called "Wave 2", introducing a new collaborative interface and enhanced Copilot capabilities across all major Office apps.</li>
<li>Copilot continues to gain momentum with large corporations, as Microsoft announced today that Vodafone has adopted it for 68,000 employees.</li>
<li>We remain Structurally Long PC Makers - We continue to believe Microsoft’s Copilot will drive PC upgrades as users recognize the productivity benefits of faster ‘AI PCs’. </li>
</ul>


Microsoft today announced a major Copilot update, called "Wave 2", introducing a new collaborative interface and enhanced Copilot capabilities across all major Office apps.
Copilot continues to gain momentum with large corporations, as Microsoft announced today that Vodafone has adopted it for 68,000 employees.
We remain Structurally Long PC Makers - We continue to believe Microsoft’s Copilot will drive PC upgrades as users recognize the productivity benefits of faster ‘AI PCs’. 


PC Monitor: Microsoft Copilot Wave 2 Unveils Major AI Boost; Reiterate Structural Long for PC Makers

<ul>
<li>Strong Revenue Growth Signals Robust Demand in PC and Server Markets for Asustek and Acer</li>
<li>Asus Management Continues to Describe Multi-Year PC Growth Cycle Ahead; 3Q24 Will Be Start of 'New Product Lifecycle'</li>
<li>Visit to Guang Hua Digital Plaza to Review New PC Models First-Hand. Remain Structurally Long PC Makers; Acer, Asus, Dell.</li>
</ul>


Strong Revenue Growth Signals Robust Demand in PC and Server Markets for Asustek and Acer
Asus Management Continues to Describe Multi-Year PC Growth Cycle Ahead; 3Q24 Will Be Start of 'New Product Lifecycle'
Visit to Guang Hua Digital Plaza to Review New PC Models First-Hand. Remain Structurally Long PC Makers; Acer, Asus, Dell.


Asustek & Acer Key Takeaways: Strong July Revenue Growth and 'New Product Life Cycle' Starting 3Q24

<ul>
<li>Given market concerns that AI is overhyped and not yet delivering sufficient value, we analyze Microsoft's Copilot disclosures and examine signs of AI services traction among corporate clients.</li>
<li>Signs indicate that Copilot is gaining substantial traction with corporate clients, adding value to software development, business operations, and healthcare documentation functions.</li>
<li>The number of organizations paying for MSFT's AI services is expanding rapidly. We view this as a promising indicator of increased AI adoption and substantial value creation.</li>
</ul>


Given market concerns that AI is overhyped and not yet delivering sufficient value, we analyze Microsoft's Copilot disclosures and examine signs of AI services traction among corporate clients.
Signs indicate that Copilot is gaining substantial traction with corporate clients, adding value to software development, business operations, and healthcare documentation functions.
The number of organizations paying for MSFT's AI services is expanding rapidly. We view this as a promising indicator of increased AI adoption and substantial value creation.


PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

Taiwan

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

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Asustek Computer (2357 TT)

PC Monitor: Asustek & Lenovo Signal Strong PC Growth, AI PC Expansion in Process

Asustek, Acer, and Lenovo well-positioned for AI PC market growth, with Asus guiding for 20%+ YoY PC revenue growth in 4Q24E. AI PCs expected to...

Vincent Fernando, CFA

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Smart mobility raises concerns about parking infrastructure, Silverstone drives innovation across industries, generative AI faces challenges,...

Tech Supply Chain Tracker

PC Monitor: Microsoft Copilot Wave 2 Unveils Major AI Boost; Reiterate Structural Long for PC Makers

MSFT's Copilot update brings new collaborative interface and enhanced capabilities to Office apps, gaining traction with large corporations like...

Vincent Fernando, CFA

Asustek & Acer Key Takeaways: Strong July Revenue Growth and 'New Product Life Cycle' Starting 3Q24

Strong revenue growth in PC and server markets for Asustek and Acer signals robust demand, with Asus management forecasting a multi-year growth...

Vincent Fernando, CFA

PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

MSFT's latest Copilot disclosures reveal growing traction with corporates, indicating increased AI adoption and value creation in software...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Asustek & Lenovo Signal Strong PC Growth, AI PC Expansion in Process

​Asustek, Acer, and Lenovo well-positioned for AI PC market growth, with Asus guiding for 20%+ YoY PC revenue growth in 4Q24E. AI PCs expected to...

Vincent Fernando, CFA

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Smart mobility raises concerns about parking infrastructure, Silverstone drives innovation across industries, generative AI faces challenges,...

Tech Supply Chain Tracker

PC Monitor: Microsoft Copilot Wave 2 Unveils Major AI Boost; Reiterate Structural Long for PC Makers

MSFT's Copilot update brings new collaborative interface and enhanced capabilities to Office apps, gaining traction with large corporations like...

Vincent Fernando, CFA

Asustek & Acer Key Takeaways: Strong July Revenue Growth and 'New Product Life Cycle' Starting 3Q24

​Strong revenue growth in PC and server markets for Asustek and Acer signals robust demand, with Asus management forecasting a multi-year growth...

Vincent Fernando, CFA

PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

MSFT's latest Copilot disclosures reveal growing traction with corporates, indicating increased AI adoption and value creation in software...

Vincent Fernando, CFA

Asustek, Acer, and Lenovo well-positioned for AI PC market growth, with Asus guiding for 20%+ YoY PC revenue growth in 4Q24E. AI PCs expected to...

Strong revenue growth in PC and server markets for Asustek and Acer signals robust demand, with Asus management forecasting a multi-year growth...